BACKGROUND X Binny Bansal to take over from Sachin Bansal as Flipkart CEO BENGALURU: In a development that took almost everybody by surprise, India's biggest e-commerce company, Flipkart, on Monday announced that co-founder Sachin Bansal, who has been the CEO since inception, will now take on the newly-created role of executive chairman while his less prominent co-founder Binny Bansal, who has been the chief operating officer, will be the CEO. Flipkart acquired Myntra in a $330-million deal in May 2014. Flipkart said the restructuring was designed to give its strategic objectives a sharper edge and help it become a world-class internet company. In his new role, Sachin will focus on Flipkart's strategic directions, mentor senior leadership and look for new investment opportunities. In fact, even I am gone," Sachin Bansal said, according to the people present at the meeting, who declined to be identified.

Source: Times of India August 22, 2016 04:50 UTC